Mach Conferences and Events Limited’s initial public offering (IPO) closed to tremendous demand; on the final day, On Friday, September 6, over 196 times the issue was subscribed.
The BSE SME issue was oversubscribed 196.78 times, with bids for over 72.6 crore shares placed against the 36.9 lakh shares that were offered for subscription.
Subscription for all categories
In contrast to the 7.91 lakh shares set aside for the category, the Non-Institutional Investors (NIIs) portion was booked 404 times with bids for over 31.97 crore shares.
Retail investors submitted bids for 25.18 crore shares, as opposed to the 18.45 lakh shares reserved for the category, in the Mach Conferences and Events IPO, which was booked 136.49 times in the retail category.
In contrast to the 10.53 lakh shares reserved for the category, bids for 15.45 crore shares were made by Qualified Institutional Buyers (QIBs). There were 146.66 bookings for the QIB portion.
IPO size and price band
Mach Conferences and Events Limited, worth Rs 125.28 crore, is the IPO. In order to raise Rs 50.15 crore, the book-built issue included an offer-for-sale (OFS) component totaling 33.39 lakh shares, which brought the total amount raised to Rs 75.13 crore.
Mach Meetings and Occasions A price range of Rs 214 to Rs 225 per share was set for the IPO. To apply for the IPO, a minimum lot size of 600 shares was required, resulting in an investment of Rs 1,35,000.
IPO subcription timetable
Subscriptions for Mach Conferences and Events IPO were accepted from September 4 through September 6. On Monday, September 9, the status of the Mach Conferences and Events IPO share allotment is anticipated to be finalized.
On Tuesday, September 10, shares of Mach Conferences and Events will be credited into the Demat accounts of successful bidders, and refunds for unsuccessful bidders will also be initiated on the same day.
September 11 has been tentatively set as the date of the IPO listing. Mach Conferences and Events Limited’s shares are scheduled to be listed on the BSE SME platform.
Utilisation of IPO receivings
The company plans to use the money raised via the public issue to meet its working capital requirements and for other general corporate purposes.
